“Great geniuses have the shortest biographies” Ralph Waldo Emerson
‘The Dynamic Opportunities Fund was established in 2017 with initial subscriptions from Daniel Stewart itself, shareholders, managers, existing clients and new supporters. Daniel Stewart will manage the Fund through an Investment Committee (IC) with three members, including a Chief Investment Officer (CIO). The IC will meet at least once every week.
Chief Investment Officer
Chris Bailey has over 20 years of investment industry experience at long-only and long-short institutions as a global multi-asset fund manager of UCITS and mutual fund products, as a strategist/macro thinker and, in the earlier part of his career, as a securities and fund analyst. He founded Financial Orbit Limited in 2013 to provide macroeconomic comment and securities analysis with relevance for global investors. Additionally he undertakes bespoke consulting work for a number of global asset management firms on both market strategy as well as global securities analysis. He regularly broadcasts comment and analysis in the financial media.
Prior to this he joined Close Brothers in 2006, taking over responsibility for the Equities portfolio, a £250m equity-only fund with a pan-European (including the UK) bias. In the subsequent three years this fund returned cumulatively 9.2% versus a benchmark fall of -0.8% during a period of time which included the dire stock markets from mid-2007 to early 2009. This outperformance against the Fund’s benchmark was driven by a strategy of focusing the portfolio on companies that would not only survive the recessionary conditions…but also prosper in the period after. The success of this fund led to a successful pitch to win a Euro100m mandate from a Belgian IFA firm for a global thematic fund (with a slight pan-European bias) to be run in UCITS form with a Luxembourg domicile. From the October 2009 launch this Fund rose by 23.9% versus 12.2% for the MSCI Europe index in the first 38 months of its life with this outperformance sourced from focusing on best-of-breed companies in dynamic, growing themes in larger capitalisation companies around the world. An important source of the Fund’s success was having a truly global approach allowing cross-comparison of opportunities in changeable market conditions. Drawing on these successful global thematic experiences, he launched the Close Portfolio Growth UCITS Fund on the 3 September 2010 with a mandate to put together a 35-40 share portfolio of the best larger capitalisation companies to invest in from the best themes around the world. From launch to the end of January 2013, the fund rose 28.0% after all fees versus 19.59% for the IMA Flexible Investment index (previously IMA Active) as the £300m+ sized Fund benefited from stock and theme selection as well as geographic choices. Before Close Brothers, he held pan-European analytical, stock selection and fund management responsibilities at Bradshaw Asset Management and undertook global multi-strategy hedge fund research and client portfolio management at Argyll Investment Management.
In the last four years under the Financial Orbit Limited banner Chris Bailey has further evolved his global stock picking methodology to encompass more recent developments in global financial markets. A the start of 2016 he started publishing for subscribers a preferred list selection of global shares outside the UK achieved a total return of 29.9% (versus a benchmark return in US dollars of 18.5%) over the 15 months to the end of March 2017. Meanwhile a preferred list selection of pan-European investments (including the UK) rose 34.6% (versus a benchmark return in British Pounds of 27%) over the same period. This has proved an ideal lead-in to the launch of the Dynamic Opportunities UCITS Fund.
Investment Committee Chairman
Peter Shea has been Chief Executive of Daniel Stewart & Company plc since he founded it in 1989. In addition to his general management duties he has led the Investment Banking team advising the directors and shareholders of corporate clients on M & A, IPOs and equity, bonds and other debt funding These clients are based in the UK, US, Europe and Asia/Pacific. In addition he has served as a Non-Executive Chairman and Director of a number of public and private companies. Previously, he held senior investment banking positions at Bear Stearns Inc and Midland Bank (now HSBC) and before that in commercial banking at Chase Manhattan Bank, where he graduated from the Credit Training Programme.
Alastair Winter has been Chief Economist at Daniel Stewart & Company since 2009 providing analysis and commentary to clients on macroeconomics, geopolitics and global markets. In 2015 he took on the additional role of Strategic Adviser to Daniel Stewart’s Investment Hub, which serves retail investor clients. He is quoted regularly in the financial press as well as broadcasting on business channels. He has served as Non-Executive Chairman and in various executive director roles in public and private companies. Previously, he has held senior positions at Chase Manhattan Bank and Bear Stearns Inc. before establishing his own consultancy business to advise corporate and public sector clients on foreign exchange, treasury management and investment.
Latest News & Views
I hope, like me, regular readers have enjoyed Chief Investment Officer Chris Bailey’s stimulating weekly bulletins. Sharing with investors our latest reading of global markets is a key feature of our Fund.
As the expression goes, travel broadens the mind. This last weekend found me in Beijing, the capital of China, with a modest formal agenda but an innate curiosity to find out a little more what makes the country tick.
What a last week. More trade angst as the war of words spills over into more tariffs, a German government that is wobbling, higher US interest rates, a confirmation from the European Central Bank that it is holding rates below zero for another year and the usual discussions about Brexit.